Section 402-J:11 Temporary Licensing.
I. The commissioner may issue a temporary insurance producer license for a period not to exceed 180 days without requiring an examination if the commissioner deems that the temporary license is necessary for the servicing of an insurance business in the following cases:
(a) To a member or employee of a business entity licensed as an insurance producer, upon the death or disability of an individual designated in the business entity application or the license.
(b) To the designee of a licensed insurance producer entering active service in the armed forces of the United States of America.
(c) In any other circumstance where the commissioner deems that the public interest will best be served by the issuance of a license.
II. The commissioner may by order limit the authority of any temporary licensee in any way deemed necessary to protect insureds and the public. The commissioner may require the temporary licensee to have a suitable sponsor who is a licensed producer or insurer and who assumes responsibility for all acts of the temporary licensee and may impose other similar requirements designed to protect insureds and the public. The commissioner may by order revoke a temporary license if the interest of insureds or the public are endangered. A temporary license may not continue after the owner or the personal representative disposes of the business.
Source. 2000, 315:1. 2001, 95:1, eff. Aug. 20, 2001.